Question

On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $167,000. At December 31, Helbert declared and paid a $46,400 cash dividend and reported net income of $231,000.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit Dec 31 Cash 11,600 (To record dividends received) Dec. 31 Debt Investments (

x Your answer is incorrect. Try again. Determine the amount to be reported as an investment in Helbert stock at December 31.

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ANSWER

Date Description Debit($) Credit($)
Investment in Helbert corporation .. $167,000
Cash $167,000
cash account(46,400 *25%) 11,600
Investment in Helbert corporation .. 11,600
Investment in Helbert co..(231,000 *25% 57,750
Revenue investment in Helbert corporation .. 57,750

Amount to be reported as an investment in helbert co.. stock in 31 december

Particulars ($)
On 1jan purchase investment in helbert corporation .. 167,000
Add:share of income 57,750
224,750
Less:Devidend received 11,600
Investment in helbert corporation stock in 31, December 213,150
Investment in Helbert corporation stock in at 31 ,December $213,150

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